Global oil market waits for OPEC decision

27.09.2016 14:22 1778

Over 800,000 barrels of additional volumes of oil per day were delivered in the world market due to elimination of disruptions in production and delivery of raw materials in Libya and Nigeria, as well as record high production growth in Russia. According to the International Energy Agency, the global oversupply amounted to 400,000 barrels per day and may be increased by threefold. In 2017, the surplus will remain. Saudi Arabia supports the production of near record levels. Iran and Iraq restore the lost volumes. Countries outside of OPEC are trying to adapt to the low prices, IEA says. If OPEC does not take any action, the quotes will be difficult to hold above $40 per barrel, Citigroup Inc. experts say.